Cab services provider Olacabs has raised Rs 250 crore in Series C funding from Hong Kong-based equity hedge fund Steadview Capital and venture capital firm Sequoia Capital.

Existing investors Tiger Global Management and Matrix Partners India have also participated in this round of funding.

Ola will use funds from this investment to expand their operations to newer markets as well as invest a sizable sum in the supply ecosystem to enable micro-entrepreneurship in the driver stakeholder segment.

Bhavish Aggarwal, co-Founder and CEO, Olacabs said, “Building a high quality transportation network in India involves substantial effort and investment. We are thrilled about the growth we are witnessing and the possibilities this investment opens up for us.”

The firm will expand into at least 20 cities by the year-end. They will also engage in the supply ecosystem by helping drivers become entrepreneurs and creating socio-economic empowerment for them.

It has earmarked Rs 100 crore towards nurturing this ecosystem in the next one year.

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